Uniper says German election outcome could pose risk for Nord Stream 2 pipeline

German energy group Uniper, which is involved in the financing of the Nord Stream 2 gas pipeline, is seeing risks for the project even after Germany and the U.S. reached an agreement on its completion. “The last few weeks were good weeks for Nord Stream, but I would not say that the risk is completely eliminated,” said Uniper CEO Klaus-Dieter Maubach during a call with journalists. Maubach welcomed the deal between Germany and the U.S. and said Uniper is hoping the debate within the U.S. Congress will “further relax”. However, he said the German federal election in September could have consequences for the pipeline, which is now 98 percent completed, seeing as some parties are "still very critical" of the project. “It is possible that the federal election or possible coalitions will have an influence on the question of what happens next with Nord Stream,” Maubach explained.

After years of dispute over the Russian-German pipeline project, Washington and Berlin reached an agreement in July. In a joint statement, the countries expressed determination to “hold Russia to account” for aggressive activities and pledged to invest in Ukraine’s green energy infrastructure. The U.S. has massively criticised Nord Stream 2 for years and continues to oppose the project, but has now decided to refrain from further sanctions. The pipeline under the Baltic Sea has been the subject of heated debate for years. Proponents argue it is a commercial investment that is key to Europe’s supply security, while opponents criticise Nord Stream 2 on environmental, geopolitical and security grounds.